BIG Productivity has approved grant funding of over £38k for Feritech Global, contributing towards its ambitious growth plans. The grant from BIG Productivity is to be used towards the purchase of a new JCB telescopic handler.
BIG Productivity (Business Investment Fund for Growth) is a £3.15 million investment fund, financed by the European Regional Development Fund and delivered by Cornwall Development Company (CDC). The scheme aims to increase productivity in the region by supporting businesses with national and international opportunities. It is expected that the programme will also create 175 skilled jobs for Cornwall.
Feritech is a Cornish company which has built a strong reputation in marine engineering and geotechnical surveying with clients around the globe. The company is now expanding its offering and is set to open a brand new £3 million production facility on a 3.5 acre site near Falmouth. This will enable the company to target new sectors, including the emerging Floating Offshore Wind opportunity in the Celtic Sea as well as provide a manufacturing service for local innovators and product developers.
Rob Ferris, MD of Feritech Global, said: “We are a fast-growing company with big plans for the future. Our new production facility will be the only facility of its kind in the south west, combining a complete manufacturing service on one site – everything from design and machining through to fabrication, hydraulics, electronics and embedded software, enabling faster turnaround of projects. The new facility opens in September 2021.
“This new JCB telehandler will help boost our productivity and enhance our service still further, supporting our growth. The grant approval is also a recognition by BIG Productivity that we are an ambitious and innovative company and that our growth will have a positive impact on the wider local economy and supply chain, leading to more job creation in Cornwall.”
Anna Staevska, CDC’s programme manager for BIG Productivity, said: “Feritech is a great example of the pioneering and ambitious businesses that are creating a new future for Cornwall. They are right at the cutting edge of innovation and their exciting plans will lead to new jobs both at Feritech and more widely in Cornwall through the businesses with which they work.
“At BIG Productivity, we are focused on helping businesses to become more productive, creating new skilled jobs in Cornwall and so we are delighted to support Feritech with this grant funding.”